Technical outlook:
WTI Crude has carved a meaningful bullish boundary between $61.40 and $69.60 levels respectively. The commodity dropped through $61.40/50 lows on August 23, 2021. Since then it has remained in control of bulls taking quite resistances. A meaningful resistance was taken out on Monday around $60.60 mark.
Ideally, the entire rally between $61.40 and $69.60 needs to be retraced before the rally could resume higher towards $74.00. Immediate resistance is at $74.00 while support comes in around $65.00 mark respectively. Also note that fibonacci 0.618 retracement of the above rally passes through $64.75 levels. High probability remains for a bullish bounce if prices drop towards $65.00 levels going forward.
WTI Crude is carving a counter trend/gartley towards $64.75-65.00 mark and bulls would be poised can control back thereafter. The commodity s drifting sideways for now but a push below $67.50 would trigger further sell off.
Trading plan:
Potential remains for a drop towards $64.75, against $70.00
Good luck!
